Credit, Collections & Insolvency News
Nearly half (44%) of the UK’s SMEs, equating to 2.5million businesses, are struggling with cashflow as they attempt to prepare for Brexit, according to the latest SME Confidence Tracker from Bibby Financial Services. The report, which surveys one thousand business decision makers on a quarterly basis from across the UK, found that there has been a 6% rise (to 29%) in…
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County Court Judgments (CCJs) against businesses in England and Wales rose four percent in the first half of 2019, according to new figures released by Registry Trust. Year-on-year numbers have risen for the past three years and in the first half of 2019 are 56 percent higher than 2016’s record low, for a first half-year,…
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The number of corporate business insolvencies in Scotland fell by 15% in April-June 2019 compared with the previous quarter (January-March 2019), and fell by 2% compared with the same quarter the previous year (April-June 2018) according to latest Accountant in Bankruptcy (AiB) statistics. The number of Scottish registered companies becoming insolvent or entering receivership decreased…
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The Insolvency Service has reported that it has returned £61.3 million to creditors, up from the £55.3 million last year according to the results as part of its annual report (2018 to 2019). Sarah Albon Chief Executive of the Insolvency Service said “I’m happy to report on another solid year of delivery by the Insolvency…
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The number of permanent pub closures across England and Wales has halved in the first six months of 2019 compared to the previous half-year, analysis of government data has revealed. A total of 235 pubs closed in the UK in the six months to June, according to new analysis by Altus Group, an average of around forty pubs each…
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In 2018, Global Working Capital Requirement (WCR) hit its worst level since 2012 (+1 day, 70 days). The evolution of WCR indicates which businesses have improved, or in this case, deteriorated, their capacity to maintain operating cash flow and internal funding for investment according to a new study by Euler Hermes. The report focuses on Working…
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Latest figures released by Registry Trust show that the number of decrees against Scottish businesses dropped by 28 percent in the first six months of 2019 (compared to HY1 2018 figures) – totalling 1,140, the lowest of any first half-year on record. The total value of decrees against businesses in the first half of the…
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Eighteen companies including BT, British American Tobacco, and Centrica – have been suspended from the Prompt Payment Code for failing to pay suppliers on time, the Chartered Institute of Credit Management (CICM) has announced. Screwfix, Prudential, and various businesses of BAE Systems are also among those that have failed to honour their Code commitment to…
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According to figures released under the Freedom of Information Act (FOI), 15.9% of all shops and retail outlets in the UK now lie empty. The figures obtained by Duff & Phelps, the global advisor that protects, restores and maximises value for clients, quantify the scale of the challenge facing the UK high street after one…
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The number and total value of judgments registered against businesses in Ireland in the first six months of 2019 were the lowest on record for a first half-year, with 250 judgments registered according to the latest figures released by Registry Trust. The judgements were 10 percent fewer than in the first half of 2018. It…
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The Small Business Commissioner, Paul Uppal, and business lender, Growth Street have launched a collaborative whitepaper surveying SMEs on their experiences of unfair payment practices. The report found that 75% of SMEs said they would fear taking action against a late payment at the risk of damaging their client relationships. Whilst 43% of SMEs said…
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New research from Barclaycard has identified that 51 per cent of finance leaders are frustrated that their accounting software is not intuitive enough. With increased pressure on margins for finance and resourcing, finance leaders have identified inefficiencies in their accounting systems, with nearly half (48 per cent) frustrated that their current system is not sufficiently…
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The Government has announced that it is pushing ahead with proposals to prioritise the repayment of some tax debts in insolvencies from April 2020. The extra money which will be repaid to HMRC under these proposals will come out of funds which would otherwise have been paid to creditors including pension schemes, trade creditors, lenders,…
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